Quiz 1

Question 1

1. What is a Giffen Good?

Answer 1

c) Increasing the price of a good leads people to consume more of it.

Question 2

2. Where did Jensen, Miller and Wang look for evidence of a Giffen good?

Answer 2

c) Hunan a southern province, and Gansu, a northern province, of China

Question 3

3. What did they find?

Answer 3

a) Evidence for Giffen goods.